Josh D'Amaro leads Disney to a fiscal third-quarter earnings beat with strong growth in parks and streaming.
Josh D'Amaro, the CEO of Disney, reported that the company surpassed analyst expectations for fiscal third-quarter earnings per share, reaching $2.06 compared to the forecasted $1.86. Total revenue grew 7% year overover year to $25.17 billion, while operating income rose to $5.6 billion. The results were driven largely by the Disney Experiences division, which saw a 3% increase in US park attendance and a 10% growth in revenue from resorts and vacations. Despite broader macroeconomic uncertainty, Disney maintained healthy demand at domestic parks and saw a 3% increase in average customer spending. The company also reported strong performance in its entertainment business, with 'Toy Story 5' surpassing $1 billion in global box office revenue. To further bolster shareholder value, the administration announced the sale of a 50% stake in A+E Global Media to the Hearst Corporation, with proceeds intended to boost share buybacks to $9 billion this year. D'Amaro noted that shares are currently undervalued and the company will continue to lean into share repurchases.